Investors lock in profits

Hu Yumo
Shanghai stocks fall after a cautious sentiment follows earlier gains and there is some concern about inflation when the latest CPI data is released.
Hu Yumo

Shanghai stocks fell on Wednesday as investors locked in profits from earlier gains.

The Shanghai Composite Index lost 0.56 percent to close at 2,909.38 points.

Shares of automobile companies, brokerages and consumer enterprises were among the biggest decliners.

Fujian-based Tianxin Investment said in a note that investors tended to be cautious after the index gained for two days and locked in some of their profits. 

Qin Hong, an analyst with Jingbailing Consulting, said the latest Consumer Price Index (CPI) data also led to concerns about inflation, which in turn would curb investors' short-term trading sentiment.

The CPI increased 2.7 percent year on year in May, its fastest pace since February 2018, National Bureau of Statistics data showed.

Nanjing Chervon Auto Precision Technology Co Ltd fell 7.58 percent to 30.12 yuan (US$4.35) and Sichuan Teway Food Group Co Ltd lost 6.65 percent to 39.17 yuan.

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